4K Invest remains silent after Adria collapse
Turnaround fund 4K Invest, which part-owned Adria Airways until its demise on Monday, has remained silent since the company declared bankruptcy. The Munich-based fund, registered in Luxembourg, which oversaw the bankruptcy of two carriers under its control over the past three years, has shut down its website, but remains in business. Out of the five most recent investments in its portfolio, four are either out of business or undertaking bankruptcy procedures, with just one, textile producer TWD Fibers, remaining profitable. There have been calls to investigate 4K Invests’ role in Adria Airways, with suggestions the fund funnelled money from the company, although there is no concrete proof to back these claims. Authorities have said they are ready to scrutinise the turnaround fund if there is evidence of any wrongdoing.
Swiss authorities are also looking into 4K Invest for its role in the collapse of Switzerland’s Darwin Airline, which was branded as Adria Airways Switzerland in its final year. A Swiss public prosecutor opened criminal proceedings after the bankruptcy office in Lugano drew his attention to suspected irregularities. The company has been accused of bankruptcy fraud and mismanagement. 4K’s questionable business moves involving Adria included the sale of its brand name, as well as absorbing the STBE company in December 2018, resulting in Stefan Beulertz becoming a part owner. Mr Beulertz, a lawyer based in Malta who is close to 4K Invest, was implicated in the Panama Papers, which exposed the rogue offshore finance industry.
The Slovenian Ministry for Infrastructure, noted last week, “Minister [for Infrastructure] Alenka Bratušek repeatedly warned that the airline’s sale to the German capital fund was a mistake and that the then government of Slovenia should have found a strategic partner within the aviation industry that would have ensured the long-term existence and development of the carrier”. The Slovenian Prime Minister, Marjan Šarec, branded 4K Invest as “crooks”, noting that “They obviously see the country as a cash cow, from which they want to milk the last cent and take it to somewhere unknown”. It has been reported that executives from 4K Invest who managed Adria Airways left Slovenia several days prior to the company declaring bankruptcy, despite the company insisting it was in talks with “potential strategic partners for Adria”.
0 Response to "4K Invest remains silent after Adria collapse"
Post a Comment